Egypt sees preliminary IMF accord this week

Cairo, November 12, 2012

The Egyptian government expects to sign a memorandum of understanding with the International Monetary Fund for a $4.8 billion loan before an IMF negotiating team leaves Cairo on Wednesday, Finance Minister Mumtaz al-Said said.

The government also plans to eliminate its subsidy on 95 octane gasoline effective as of Wednesday or Thursday, he said.

"We will sign a preliminary memorandum of understanding before they leave," the minister told Reuters by telephone, adding that the team would remain in Egypt until Wednesday. – Reuters